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To borrow $3,500, you are offered an add-on interest loan at 9.5 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer
| To borrow $3,500, you are offered an add-on interest loan at 9.5 percent with 12 monthly payments. |
| Compute the 12 equal payments. (Round your answer to 2 decimal places.) |
| Equal payment | $ |
| Compute the EAR of the loan. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) |
| EAR | % |
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Economics And Personal Finance
Authors: Irvin Tucker, Joan Ryan
1st Edition
1133562108, 978-1133562108
